The city of Greeley plans to issue certificates of participation to fund the Downtown Civic Campus, continuing the practice of leasing city assets to secure loans.
The Greeley City Council indicated approval for the funding plan at a work session on Tuesday.
The civic campus will consist new government buildings and businesses to meet the needs of the city of Greeley, Greeley-Evans School District 6 and Weld County, all of which require new or updated facilities. City staff on Tuesday said the campus is a critical step toward modernizing service delivery to residents, businesses and visitors.
“This project is far more than a construction effort. It’s a once-in-a-generational opportunity to shape a vital part of our community, one that reflects our values, strengthens our identity and positions downtown Greeley for our long-term success,” Greeley Assistant City Manager Kelli Johnson said. “It allows us to retain our key employers, the city, county and School District 6, and bring our private partners into the fold, ensuring that the heart of downtown remains vibrant, active and economically strong.”
Johnson updated the council on Tuesday, sharing that the city has completed a detailed site analysis, space programming for all departments and initial cost modeling. Current cost estimates have construction costs at $80 million, with the actual cost closer to $130 million, due to the issuance of certificates of participation, according to Greeley Chief Financial Officer Allena Portis.
Portis said this funding will make the project as cost-effective as possible by leveraging anticipated revenue from other projects that are underway. The city also issued certificates of participation to fund design work on the Catalyst project.
The current planned layout of the Juror Block, the central hub of Greeley's Downtown Civic Campus project. The new city hall, District 6 administration building and hotel are shown in the illustration. (Courtesy/ City of Greeley)Construction on the new city hall, hotel and Weld County Justice Center is scheduled to begin as early as this winter.
Councilwoman Deb DeBoutez confirmed with Johnson that the county and district will work with the city to ensure the design of the Juror Block, where most of the primary buildings will be located, remains unified. The city is working to ensure the same level of design uniformity is maintained throughout other parts of the project as well.
The city presented a series of funding options in May and, after further review, stands by its recommendation that the council issue certificates of participation to fund construction. These certificates, which lease the new city hall building to serve as collateral to secure a loan, would provide the city with the most flexible payment schedule using a system they are familiar with and offer potential refinancing opportunities, according to Portis.
“The primary advantage of COPs is that they are widely used and well understood,” she said. “If the interest rates decline, it may be possible to refinance at a lower rate and extend the debt service term, thereby reducing annual payments in the future.”
Under the council’s direction in May, Portis identified additional funding sources should the expected revenue from other city projects, such as the Catalyst project, not perform as expected. Though it would delay other city projects, the city could cover interest payments by using funds from the general fund and the food tax.
Additional funding could also come from a public facilities impact fee the city is preparing to present to the council in the spring. This fee would implement additional costs for the construction of public facilities, and Councilman Brian Rudy expressed an intention to argue against it when the proposal is brought to the council.
“I might want to talk about that (the public facilities impact fee) a little more because where I come from, a fee is just another name for tax,” Rudy said.
The council instructed city staff to begin preparations to issue additional certificates of participation, with the certificates ready for approval next fall.
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